Type:
Bullish Bounce
Key Levels:
Resistance: 0.67285
Pivot: 0.66317
Support: 0.65361
Preferred Case:
We see the potential of bullish bounce from pivot level of 0.65331 in line up with 161.8% fibonacci extension and 78.6% fibonacci projection towards the 1st resistance level of 0.67284 in line with 38.2% fibonacci retracement.
Alternative Scenario:
Alternatively, price might break through the key pivot level and trigger a dip towards the 1st support level of 0.63834 which is in line with previous horizontal swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.